“With the right preparation an economic downturn can be more of an opportunity than a problem,” advised Lisa Anderson, president of LMA Consulting Group, Claremont, California.
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Businesses can survive and thrive in a recession if they retool their operations well in advance of the economic downturn.
When will the next recession hit? No one knows, but business leaders are aware the nation’s decade-long run of good times can’t last forever. Two-thirds of the nation’s chief financial officers expect the United States to tip into an economic downturn by the third quarter of 2020, according to a Duke University/CFO Global Business Outlook survey.
Reasons? Experts cite potential triggers as varied as a serious U.S.-China rift, an interest rate misstep by the Federal Reserve, the growing levels of corporate debt and the ballooning federal deficit. Any one factor might tip the economy into a recession—loosely defined as a significant drop in economic activity lasting more than a few months.
Smart pallet and lumber companies are always ready for downturns because they have established strong customer connections, reduced inventory risk and look to grow markets where they can with minimal investment. This article covers expert advice from consultants and small business financial experts on how best to weather any future economic slowdown.
Lemon to Lemonade
Whatever its cause, a recession is bound to pose bottom line challenges. Can the pain be lessened? Yes, if you take certain steps to retool your operations in advance of the slowdown. And the time to start those steps, say the experts, is now.
Waiting too long is risky.
Published in Pallet Enterprise on Sept. 4, 2019